Three Myths about Bankruptcy

Some people view bankruptcy in a negative light, believing that it can destroy an individual’s credit for life. This, in reality, is not at all true. Bankruptcy may hurt your credit in the short-term, but the long-term benefits can help you restore financial stability to your life.

Knowing the truth about bankruptcy can help you make the right decision for your financial future. If you or someone you know is considering bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, today at 480-829-0494 for a free consultation.

Top Three Bankruptcy Myths

Individuals who face financial problems may worry about several myths they hear about the bankruptcy process. These myths include:

• Your credit will never recover
• You will never be able to purchase property
• You will lose all of your property

In reality, an individual’s credit will begin to recover as soon as the bankruptcy is discharged. This may take a number of years, but after this period, bankruptcy comes off of the individual’s record. In essence, it is as if the bankruptcy never happened.

Second, individuals who are bankrupt can own property as long as they can secure financing. This, too, may take several years. Finally, individuals who declare bankruptcy will not lose all of their property. Even Chapter 7 bankruptcy will not strip an individual of all of his or her property.

Contact Us

While bankruptcy can have certain negative effects on your credit, these effects are relatively minor in comparison to the benefits. If you are considering bankruptcy, it is important that you make an informed decision. For a free case evaluation, contact the Arizona bankruptcy attorneys of the Harmon Law Office, LLC, at 480-829-0494 today.